Good morning, it's Paul here with Friday's SCVR.

It looks as if there's going to be more pain today for shareholders in retailers, as evidence gathers that only the best had an acceptable period of trading over Xmas.

Estimated timings today - I've done most of the report now, but have to pop out for a meeting. I'll be back after lunch to do some more, so final finish time today is c.4 pm.
Edit at 15:31 - today's report is now finished.

Early snippets - before 8am

I'm not sure whether it's a good idea to be doing this, as my initial reaction to MKS yesterday was not how the market saw things. But let's do it anyway.

Joules (LON:JOUL) - profit warning. 7 weeks to 5 Jan 2020 saw retail sales (stores + ecommerce) down -4.5% vs last year. That's a big step backwards from H1, which saw +3.1% retail sales.

It blames website problems. Stores & concessions are said to have traded in line with expectations. It will be interesting to see how the market reacts to this, but the only question is how big the sell-off today is going to be.

Cost headwinds - due to China-US  tariffs, and logistics changes (although that should deliver longer term savings).

In conclusion - 

Taking the above into account, the Board anticipates that FY20 Underlying PBT² will be significantly below market expectations³.

Brace for a nasty day, my commiserations to shareholders.

Superdry (LON:SDRY) - this looks pretty grim too, I'll elaborate once the market has opened (it's 07:58 at the time of writing this).

Joules (LON:JOUL)

Share price:  179p (down 21% today, at 09:27)
No. shares:  89.4m
Market cap:  £160.0m

Trading update  (profit warning)

Background - Joules is a nicely differentiated brand, with distinctive fashion products. To get up to speed, there are some useful articles in our archive, here;

Graham covered the last trading update here on 5 Dec 2019

I covered the last full year results FY 05/2019 in quite a bit of detail here.

Reading through both those articles to refresh my memory, a key point to note is that online is about half of Joules's sales -…

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